Summary

It looks like interest rates will soon be on the up - we explain why in this article.

Loans. Mortgages. Credit cards. Interest rates expected to rise. Page 2

Author: Anna Richardson

Despite expectations that property prices would start to

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level out, Halifax announced that on prices were still rising by an average of 1.6% and the Nationwide announced rises of around 2.3%. These figures are averages spread across the whole country, so it's not the same story for every town and city. ( home insurance ) Rightmove, the big property website that all estate agents advertise on, has the most reliable figures. The year so far has shown steady rises - 2.7% Jan-Feb 2006, 0.9% Feb-March and 1.1% March-April. So now there is a new record high UK average of £205,674. It is generally sales at the higher end of the market that are currently experiencing the best business, so they are pushing the overall figures up.

In our experience, people get scared easily when it comes to house buying, and we think ( life insurance quotes ) that even a small rise in interest rates will have a big effect on the housing market. If the second interest rise happens in autumn, there will be a lot of people waiting for a house price crash, and the market will stall in the meantime.

We don't think that there is a price crash on the cards though. 18 months ago the same ( remortgages ) thing happened and prices did not drop. Some areas will no doubt experience a slowdown, especially if there is a glut of properties on the market, but at least it will help add some realism to the asking prices. That's got to be good for the first time buyer!

Our prediction is that prices will remain quite static for now but the level of people achieving ( unsecured loans ) their asking prices will drop. The average at the moment is for a house sale to get 95% of the asking price, but this may well drop to 90% or thereabouts. If this does happen, people will start to drop their asking prices marginally, creating a slightly healthier buying environment for those at the lower end of the scale.

Your home may be repossessed if you do not keep up your repayments on a mortgage or any debt secured on it.
Loans may be secured on your home or other property. Think carefully before securing other debts against your home.
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